UB Holdings up on TV reports about stake sale ruling
Shares in United Breweries Holdings Ltd jump 9.9 percent after CNBC-TV18 and ET Now reported the Karnataka High Court has allowed UBHL to sell its shares in group company United Spirits to Diageo Plc to complete the long-pending deal.
Shares in United Breweries Holdings Ltd jump 9.9 percent after CNBC-TV18 and ET Now reported the Karnataka High Court has allowed UBHL to sell its shares in group company United Spirits to Diageo Plc to complete the long-pending deal.
UBHL is the holding company for a group of companies controlled by Vijay Mallya, including
Kingfisher Airlines Ltd , and the sale of shares would help Mallya finalise the transfer of a controlling stake in United Spirits to Diageo.
UBHL owned 15.7 percent stake in United Spirits as of the end March.
Creditors of bankrupt Kingfisher had filed a petition in the Karnataka court to try to prevent the transfer of UB Holding shares in United Spirits to Diageo.
A spokesman for the UB Group declined to comment on the TV reports. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
